Are biometric methods secure for two-factor authentication in the enterprise? Much has been made about the fact that biometric authentication is not always infallible, but is it "good enough" to take some of the pressure off of the notoriously fallible password?
According to a new study from Goode Intelligence, the answer is "yes," and in the just-released report on the study the company lays out the business case for biometrics. As an example, London-based Goode Intelligence's survey found that 67% of respondents use biometrics to verify a customer's identity during digital customer on-boarding. The EU's General Data Protection Regulation has set stricter security requirements on the data companies collect about customers, and Goode's research shows that it costs an average of $4,000 to go through that on-boarding process for each new customer.
Once a customer is established, the research says that 62% of respondents experience, "increased customer satisfaction benefits as a result of deploying biometrics." This increase is largely attributed to lower transactional friction from eliminating the requirement for a user name and password for each session.
In a statement accompanying the study's release, Alan Goode, founder and CEO of Goode Intelligence and author of the report, said, "The benefit of biometric authentication is that it can balance both security and convenience without requiring a compromise of either. There are significant benefits compared to legacy approaches."
Among the benefits noted in the study, a lower cost for acquiring customers, better customer engagement, and improved operational cost efficiencies go along with improved security and compliance benefits.
For more, read here.